Did you know that there is a tax-free option for potentially financing laser eye surgery at The LASIK Vision Institute? A Flexible Spending Account (FSA), which allows you to set aside funds on a pre-tax basis for medical needs, is a popular option for financing a wide variety of medical needs. While there are some restrictions on the procedures that an FSA can be used to fund based on IRS guidelines, LASIK surgery is a permitted use for FSA funds. That means that you may potentially be able to cover some or all of the cost of LASIK using funds from your FSA.
What Is a Flexible Spending Account, and How Much Can You Contribute?
A Flexible Spending Account is a tool that allows employees to fund medical needs not covered by other health plans, on a pre-tax basis. It is a way to reduce out-of-pocket expenses on qualifying medical procedures, and LASIK is a qualifying procedure based on FSA guidelines.
- For 2019, the limit for personal FSA contributions is $2,700, and with some plans the employer is also permitted to make a contribution.
- Here’s how funding an FSA works: You choose the amount that you want to contribute, and those contributions are taken from your paycheck on a pre-tax basis. Your contributions are spread throughout the year, and FSA funds are available at the beginning of the year.
- Since your funds are available at the beginning of the year, you can actually access the full amount of your FSA funds before those contributions come out of your paycheck. This allows you to plan ahead for medical procedures at the beginning of the year, though you’ll naturally have to make the full contribution by the year’s end.
- Funding your FSA is simple, because funds come directly from your paycheck. You simply choose your elected level of funding, and contribute a set amount throughout the year to reach that goal.
- In some cases, funds from an FSA are forfeited at the end of the year if they are not used for qualifying medical needs. However, an employer can choose to offer a “grace period,” allowing funds from the previous year to be used in the following year.
Tips for Using FSA Funds to Cover the Cost of LASIK Eye Surgery
The first step toward using an FSA to cover LASIK surgery is finding out whether your employer offers an FSA, whether they contribute to the FSA, and how much you are able to contribute to your Flexible Spending Account for the year.
Since the full amount of your FSA funds is available at the beginning of the year, you can use FSA funds to cover some or all of the cost of LASIK at any point in the year. If your employer offers the option of a grace period or carryover, you may be able to combine funds from the previous year as well.
If you have any questions about your Flexible Spending Account – including whether you have a grace period or carryover – your employer should be able to tell you more.
Interested in learning more about LASIK eye surgery, and how you can put FSA funds to work for your vision health? Start by scheduling your free consultation at your local LASIK Vision Institute location, either by phone or by filling out a quick form on our website. During your free consultation, you’ll have the opportunity to speak with a LASIK specialist, discover more about your laser eye surgery procedure options, and learn more about financing options.